January 2021

Small Business Funding Options: Best Funders for SMEs

by Fitz
January 21, 2021

What are the Different Options for Funding a Business?

It takes money to make money, and this couldn’t be more true than in business. Whether you’re building a company from scratch or you’ve been running it for years, having adequate capital is crucial. No matter how well your company performs, at some point, you’ll need to consider outside funding.

Before you start exploring your options, you need to do some research. Here are some of the essential things you need to know when it comes to small business funding.

by Fitz
January 15, 2021

Can a Small Business Get a Tax Refund?

Have you ever wondered how to get a tax refund for small business ventures? In theory, it’s actually simple — if you overpaid on your tax return, then you’ll get a refund from the IRS.

In practice, however, it’s not as clear cut because businesses and individuals are taxed differently. There are rules that determine whether your company is eligible for refunds or not, and unfortunately, these guidelines aren’t always easy for business owners to understand.

So, can a small business get a tax refund? Yes, but here are some of the specifics you need to know.

by Fitz
January 14, 2021

Cash vs Accrual Accounting: Small Business Edition

Should small businesses use cash or accrual accounting?

Well, that depends, as every small business has its specific needs and goals. You’ll ultimately need to choose an accounting method, cash vs accrual.

Regardless of whether you choose accrual vs cash basis accounting, you’ll be recording sales and expenditures. The difference is in how each model processes this information. Your financial reporting method will determine at what point in the transaction process your account for a service being completed.

Deciding between cash or accrual accounting systems will come down to how you want your company to operate. To help, we’ve made this cash vs accrual accounting small business guide, to help you make an informed choice.

Questions to Ask Your Business Accountant | L3 Funding

by Fitz
January 5, 2021

What are the Best Questions to Ask an Accountant?

As a new business owner, you may be tempted to relegate your accounting tasks to a generic online accounting tool. However, without proper consultation with a Certified Public Accountant (CPA), you may find yourself navigating through a challenging series of questions with the IRS.

Once you consult a professional accountant, make sure that you understand what services they can provide for your new enterprise. Learning the right questions to ask a CPA can save you a major headache down the road.

There are many good questions to ask a tax accountant. With that in mind, we’ve broken down some general queries as well as questions to ask your accountant when starting a business.